Samsun-Kavkaz ferry line to link Turkey with Russia, Central Asia

Posted by meb at February 19th, 2013

The first integrated rail and ferry line between Russia and Turkey officially opened on Tuesday, inaugurating what officials say will be a new chapter in trade between the two countries and the region at large.
In a Tuesday ceremony at the Turkish Black Sea port of Samsun, Transport and Communication Minister Binali Yıldırım and his Russian counterpart, Maksim Sokolov, spoke to the press on the importance of the line, which will be the most direct trade corridor between the two Black Sea neighbors. Yıldırım said that the agreement will see as much as 200,000 tons of rolling stock this year, a number which he estimated would reach around 300,000 tons in five years. “This line will help us reach our trade targets, which is not an easy task but something I’m sure can be achieved,” said Sokolov. (more…)

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Natural gas reserves found in Istanbul’s Silivri

Posted by meb at February 19th, 2013

Natural gas reserves have been found in Ä°stanbul’s Silivri district, Turkish media reported on Tuesday.
An exploratory drilling operation headed by Merty Energy has reached a natural gas deposit at a depth of some 500 meters in the Çayırlık-1 field, the company’s officials said.

Merty Energy CEO Ongun Yoldemir was quoted by Reuters as saying, “Drillers will also look for natural gas deposits in the Damlıca-1 field after tests are completed.”

Any discoveries made by oil companies and the state-run Turkish Petroleum Corporation (TPAO) are sure to come as welcome news to Turkey, which imports nearly all of its natural gas and is looking for ways to lessen dependency on its foreign suppliers. According to a report released last year by British Petroleum (BP), Turkey was ranked third after China and Greece for rising natural gas costs, at 17.3 percent, with Turkey responsible for 1.4 percent of world natural gas consumption. Oil use also increased by 5.8 percent in 2011 compared to 2010.

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More Turkish banks on foreign buyers’ radar, Fitch says

Posted by meb at January 17th, 2013

A strong economy and resilient banking sector will likely attract more foreign banks seeking Turkish bank acquisitions this year, Fitch Ratings said in a written note on Monday.
The rating agency said possible acquisitions of Turkish banks by foreigners could improve the credit ratings of the banks purchased “because buyers are likely to be more highly rated.”

“Turkey’s medium-sized banks are the most likely acquisition targets because of uncertainty about the long-term sustainability of their operations as independent entities. … The sector’s healthy credit fundamentals, market size [including a large bankable population] and the broadly favorable outlook for Turkey’s economy make it particularly attractive,” Fitch said. Fitch cited good liquidity, held up by a stable retail deposit funding base, low leverage, still wide margins by international standards and strong credit demand as factors for Turkey’s strong banking sector. “But a return to rapid loan growth could lead to a build-up of risks in the system,” it added. (more…)

Posted in Banking & Mortgage, Business World, Financial markets, Sectoral Reports| No Comments | 

Contractors pin hopes on gov’t for repayment of debts in Libya

Posted by meb at November 3rd, 2011

Turkish contractors, long unable to receive payments for projects in an unstable Libya, woke up Wednesday with renewed hope as Economy Minister Zafer ÇaÄŸlayan arrived in Tripoli to discuss a solution for the problem with the country’s new rulers, the National Transitional Council (NTC).

Following months of heavy fighting against dictator Muammar Gaddafi, NTC fighters gained full control of Libya last month. Turkish construction companies that have the largest share of Turkish investments in Libya had to suspend projects following the national unrest.

Companies have failed to receive payment for projects — estimated at around $1.5 billion — they had completed prior to the uprising. (more…)

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Libya rush should start urgently, minister says

Posted by meb at November 3rd, 2011

Turkish construction companies should rush back to Libya, their one-time top market, as the government is ready to support them, according to Economy Minister Zafer Çağlayan.

“Our businessmen demand a special customs permit to take their machinery and equipment to Libya,” the minister said during a press meeting yesterday in Tripoli with his Libyan counterpart.

A business assembly of 200 people accompanied the minister during the one-day visit.

Turkish companies undertook $7.627 billion worth of projects in Libya in 2009 and 2010, according to official data.

Upon Turkish Prime Minister’s order, Turkey will build schools, mosques, police stations, courts and jails in Libya, the minister said. (more…)

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Turkey’s e-commerce grows at rapid pace

Posted by meb at November 3rd, 2011

The total revenue earned through online payments increased by 52 percent to 16.9 billion Turkish Liras in the year’s first nine months compared to the same period last year, according to data released yesterday.

“Almost one in every five people in Turkey now shops online,” said Soner Canko, general manager of the Interbank Card Center (BKM), speaking at Cardist 2011 International Card and Smart Technologies Exhibition & Summit held in Istanbul. He said Turkey ranked among the biggest markets in Europe regarding online commerce. The number of Internet transactions jumped 37 percent in the first three quarters compared to the same period in 2010, reaching 91.4 million transactions. (more…)

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Turkey should renew 8 million houses in 20 years

Posted by meb at November 3rd, 2011

The number of buildings needing to be renewed in Turkey over the next two decades is estimated to be 8 million, according to a chief construction sector representative.

“The renovation of 8 million dwellings over the next 20 years will generate an annual value of 28 billion Turkish Liras for the Turkish economy and the employment of 1 million people,” Tahir TellioÄŸlu, chairman of the Construction Contractors Federation (TÄ°M-FED), said in a recent interview. (more…)

Posted in Real Estate, Sectoral Reports, Tenders & IPOs| No Comments | 

Turkcell chairman starts talks to resolve disputes

Posted by meb at April 26th, 2011

The chairman of Turkcell, Turkey’s leading mobile phone operator, has started talks to resolve disputes after an annual general meeting last week, said the company in a filing with the Istanbul Stock Exchange, or ISE, on Monday.

TeliaSoner, 38 percent stakeholder in the company, said earlier Friday that the Turkcell board was in a deadlock after shareholders on Thursday failed to agree on removing Chairman Colin Williams and on a dividend from profits last year, Bloomberg reported Friday. (more…)

Posted in Sectoral Reports, Telecoms & Media| No Comments | 

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